Modern Australia emerged during the decade of dreams
As the suburbs grew, giant shopping malls sprang up, like Myer’s drive-in Chadstone center in Melbourne and Frank Lowy’s Westfield in Burwood in Sydney. Cities developed, for example through the modernist Australia Square skyscraper in Sydney’s CBD, designed by Lendlease founder Dick Dusseldorp and designed by a young Harry Seidler, both escaped from Hitler’s Europe.
New universities – such as Flinders, La Trobe, and Curtin – provided higher education for a generation of Australians. “The Pill” caused an influx of women into the labor market, and at the end of the decade the Arbitration Commission accepted “equal pay”.
Traveling in the computer age
The continent was eventually connected from coast to coast by standard gauge railroad, air travel became mainstream, the era of container shipping arrived, and the start of the computer age incredibly radiated. Apollo 11 moon landing in suburban lounges.
Ironically, the optimism of the 1960s was funded by deepening economic engagement with Japan, a bitter enemy of World War II, protected by the post-war American security umbrella. Harold Holt increased the Coalition’s margin in the Khaki 1966 election after going through with LBJ.
The comparative advantage fueled the win-win trade between post-war industrialized Japan and resource-rich Australia. For 150 years, Great Britain was Australia’s biggest export customer, especially for wool. In the 1960s, Japan replaced it, including for wool, iron ore, and coal, although expert opinion had been pessimistic about Australia’s mineral wealth.
Exports of iron ore were banned until 1960, in part to preserve the country’s reserves for its national steel industry, dominated by BHP. After Hamersley Iron (now part of Rio Tinto) signed the first large iron ore contract with Japan in 1964, Australia’s large sea iron ore trade began.
In addition to becoming an iron ore miner, BHP joined Woodside in the discovery of oil in the Bass Strait, after Ampol on Barrow Island in Western Australia. The Western Mining Corporation and Adelaide Poseidon exploration strikes sparked a frenzied nickel boom in the stock market.
Towards the end of the decade, the Financial analysis hailed Australia’s “dream economy” on the front page. As the mining boom inflated people’s expectations, the new Labor alliance of unions and the university middle class nearly won Gough Whitlam in the 1969 election. oil strikes, pilots’ strikes and strikes in the automotive industry.
While thriving on the new export boom, Australia was slow to realize that its inevitable setback would be cheaper Asian imports – such as Japanese cars – which required the dismantling of manufacturing protection. The costly Vietnam War in the United States has escalated. The Financial analysis‘s David Love said the Reserve Bank’s lifting of the long-term bond rate marked a new monetary policy battle against soaring inflation.
Australia’s most exciting decade was about to be struck by the end of the long boom in the post-war global economy and give way to the lost stagflationary decade of the 1970s.